Take-Two Interactive Software Inc, most known for the Grand Theft Auto series, has decided to delay their typical shareholder meeting because it "may sell itself after dissident investors announced plans to seize control of the company."
Seize control? What is the justice for this action? How about some 'fiscal problems' (read: not really making a lot of cash) as a good reason?
"Shareholders with 46 percent of the company, including Steven Cohen's SAC Capital Advisors LLC, said on March 7 they plan to install their own directors and management. Take-Two has had five quarters of losses while failing to find hits to match the ``Grand Theft Auto'' series. Former Chief Executive Officer Ryan Brant pleaded guilty last month to charges stemming from a probe into improper options grants."
Add some bad quarters some "messy stock" situations on top of general management issues and you've got recipe for disaster? Or would the disaster be realize if EA purchased the company?
Bloomberg referenced Eletronic Arts as a potential buyer and Jeff Brown, a spokesman for Redwood City, California-based Electronic Arts responded with "We don't comment on our acquisition strategy" in a recent interview.
We've seen many game companies fall by the wayside and become acquisitions of larger companies. Some of these buys turn out to generate great products in the future while others just die out to be lost in the history books of wikipedia.
Could EA be the holders of the GTA property soon? How do you think this could change the direction of the franchise, if any?
For those that don't know, Rockstar Games is a development division of Take-Two Interactive. Along with them you can find Joytech, TalonSoft, Gotham Games, Gathering of Developers, 2K Sports, 2K Games and a few more. Notice: 2K Sports is included in this group - a direct competitor to many EA titles.
source: bloomberg.com via kotaku
